Shares in Apex Minerals firmed after the struggling gold miner announced a strategic review to enhance shareholder value, which could include the sale of its flagship Wiluna mine or the company as a whole.

Apex said the review was prompted by the board's view that the company's true value was not being reflected in its share price.

The company said the review would focus on operations and costs, recommencement of exploration and consider corporate strategies including restructuring and a possible change in ownership.

The company said it had stabilised gold production over last year and had established a base on which to build.

"Improvements in operating practices, a focus on identifying and implementing cost reductions and efficiency gains and the development of a detailed production schedule to 30 June 2016 has begun to produce tangible benefits," the company said in a statement.

"Apex will continue to focus on identifying areas for further potential cost reductions whilst maintaining its gold production."

Apex said it aimed to have its flagship Wiluna mine producing 100,000 ounces a year at a cash cost of $1100 an ounce.

"Reduction in operating costs will allow the early recommencement of exploration, to unlock the true potential of Wiluna," the company said.

Apex has struggled to reduce costs and turn around the fortunes of its ageing Wiluna mine, which lost $51.2 million last financial year.

Apex has also appointed independent corporate advisor Lion Capital to help it consider a potential restructure or change of ownership transaction.

"The Strategic Review will seek to identify and assess expressions of interest from third parties for the company," Apex said.

The company is also separately considering offers of purchase for its Youanmi Gold Mine, which is on care and maintenance.